EXTERNAL INVESTMENT MANAGEMENT

Size: px
Start display at page:

Download "EXTERNAL INVESTMENT MANAGEMENT"

Transcription

1 EXTERNAL INVESTMENT MANAGEMENT FINANCIAL INTERMEDIARY THEMES This advisor research is part of our Financial Intermediary Themes (FIT) program. We identify emerging trends and provide a unique perspective that can help financial intermediaries grow their businesses. ADVISOR ATTITUDES AND ADOPTION: 2016 EDITION In second quarter 2016, we conducted our fourth biennial survey of financial advisor views on external investment management. This ongoing research program provides insight into advisors experiences with using external asset managers or their decision to keep investment management in house. In our 2010 inaugural survey, we focused on understanding advisors attitudes and experiences to get a benchmark. In 2012, we explored advisors expectations during the external asset manager vetting process and how those compared to their actual experiences. The 2014 survey focus shifted to the end clients, and how taking investment management outside affected their experience. This year, we continue to explore advisors views and experiences. We also seek to understand what impact, if any, the new Department of Labor (DOL) Fiduciary Rule might have on investment advisors attitudes about using third-party asset managers when the rule takes effect in April Contents Key Findings From the 2016 Survey 2 Impact of the DOL Fiduciary Rule 4 Why Advisors Use an External Investment Manager 6 The Scope of External Investment Management 8 The Benefits of an External Investment Manager 12 Advisors That Don t Use External Investment Management 14 About the Survey 16 This research initiative reflects Northern Trust s ongoing commitment to advisors of all types and asset management solutions providers. A special thanks to all advisors whose thoughtful survey participation made this report possible. The firms that participated in the 2016 survey are comparable to the types that participated in This year, we segmented advisor channels further and included hybrid registered investment advisors (RIAs) and insurance broker/dealers in addition to other advisor channels. The survey participants comprise a wide span of firm sizes, from less than $50 million in assets under management (AUM) to more than $3 billion. We also asked respondents to identify their business model and compensation structure. (To learn more about the survey participants, see page 16.) Northern Trust thanks Efficient Advisors and 3D Asset Management for their insights on this survey. Financial Intermediary Themes 1

2 KEY FINDINGS FROM THE 2016 SURVEY As in the past, roughly 40% of our survey respondents use outside asset management and 60% do not. ADVISORS THAT USE EXTERNAL MANAGEMENT More than half (52%) of the survey respondents have grown their client base as a result of using an external manager. They are very satisfied. This year, satisfaction reached a new high of 96%, and advisors with AUM of more than $3 billion are 100% satisfied with their external management arrangements. They are seeing external management as less of an all-or-nothing decision: only 17% outsource all investment management activities in 2016, but 56% outsource their portfolio management (a new option in this year s survey). EXHIBIT 1: PERCENTAGE OF ADVISORS USING EXTERNAL MANAGEMENT FOR ALL INVESTMENT ACTIVITIES % % % They report (55%) that portfolio construction strategies are fulfilled with a combination of active and passive investments, and 53% don t anticipate a change in that strategy over the next several years. They re outsourcing a higher percentage of client assets than in the past: 41% report using external management for more than 75% of their client AUM. EXHIBIT 2: PERCENTAGE OF ADVISORS USING EXTERNAL MANAGEMENT FOR MORE THAN 75% OF CLIENT AUM % % 37% Financial Intermediary Themes 2

3 They are more likely to use turnkey asset managers (52%) and registered investment advisors (41%) than other types of providers. Not too far behind, 29% indicate that they work with exchange traded fund (ETF) strategists, a new option this year. Another new option in this year s survey is roboadvisors, which are being used by 7% of survey respondents. Advisors that don t use external management are most likely to keep investment management in-house because it is key to the firm s value proposition. ADVISORS THAT DON T USE EXTERNAL MANAGEMENT They are most likely to keep investment management in-house because it is key to the firm s value proposition (45%). They spend approximately 28 hours a week, firm-wide, on investment management activities. They are divided on whether they would reconsider their decision. One in four might consider external management if more affordable options become available. But 43% don t expect to ever use external investment management. They are still interested in external help in other areas. Those most frequently cited were marketing, compliance and social media training. EXHIBIT 3: CONSIDERATION OF EXTERNAL INVESTMENT MANAGEMENT AMONG ADVISORS THAT DON T OUTSOURCE Assessed outsourcing investment management and decided against it Currently considering outsourcing investment management Not currently outsourcing investment management but have not ruled it out 8% 25% 58% DEPARTMENT OF LABOR FIDUCIARY RULE Both advisors who currently use external asset management and those who don t are divided in their views on how the Department of Labor s upcoming Fiduciary Rule might affect their practices: 44% of those who currently use external management don t foresee changing their decision; but 44% of those who don t indicate they might reconsider. Financial Intermediary Themes 3

4 IMPACT OF THE DOL FIDUCIARY RULE The industry has been focused on the DOL Fiduciary Rule, which is expected to have a large impact on financial advisors when implemented in To explore the effect this may have on investment management outsourcing, we asked advisors how the rule might influence their business and their decision to work with an external investment management provider. Of respondents currently using third-party asset managers, 44% do not anticipate any effect on their use of external investment management, while 17% expect to outsource more and only 5% foresee a reduction in outsourcing. We expect to receive tighter scrutiny and review processes as a result of the DOL Fiduciary Rule. Hybrid RIA with between $501 million and $750 million AUM About 5% of advisors managing client portfolios in-house state that they would consider outsourcing in the future as a result of the DOL Fiduciary Rule, and 44% say they will have to assess it further. Where advisors who currently work with an outside asset manager see a potential change from the DOL Fiduciary Rule is in their sales of commission-based products: 7% say they will no longer sell commission-based products, while 39% expect their commission-based sales to decline but not stop completely. The perceived impact of the DOL Fiduciary Rule varies significantly by firm type. RIAs using an external provider typically anticipate little change, and almost as many RIAs expect to outsource less as expect to outsource more. However, while the hybrid RIAs and independent broker/dealers show greater uncertainty, about 26% and 19% respectively anticipate outsourcing more than they do currently. EXHIBIT 4: PERCEIVED EFFECT OF THE DOL FIDUCIARY RULE ON INVESTMENT MANAGEMENT OUTSOURCING Hybrid RIA 33% 26% 41% Independent broker/dealer 25% 19% 7% 49% Registered investment advisory firm (RIA) 67% 7% 5% 21% No influence Yes, I plan to outsource more Yes, I plan to outsource less Unsure Financial Intermediary Themes 4

5 Advisors also clearly state that they would appreciate support related to the DOL Fiduciary Rule. Exhibit 5 shows where they feel help would be most beneficial. EXHIBIT 5: TYPE OF DOL FIDUCIARY RULE SUPPORT ADVISORS WOULD LIKE Education about the Fiduciary Rule s potential impact on my business 47% Policy, procedures and training to comply with best interest contract exemption (BICE) 40% We expect to delegate some of the fiduciary responsibility as well as portfolio management when the Fiduciary Rule comes into play. Independent broker/dealer with less than $50 million AUM Solutions that facilitate and sustain compliance with BICE 38% Training on how to navigate through the transitional period 36% New technology and data solutions to ease the burden of reporting 28% Special customer service for my firm s IRA or other retirement accounts 23% Assistance with data aggregation solutions to help me provide more holistic plans 14% Assistance with helping our firm evaluate digital advice solutions 11% Financial Intermediary Themes 5

6 WHY ADVISORS USE AN EXTERNAL INVESTMENT MANAGER Over the years, we have tracked the reasons advisors give for using external investment managers. These have shifted over time, but have typically focused on gaining access to investment expertise or strategies that their firms do not have expertise in themselves. Historically we asked about drivers as they relate to product strategies. Based on feedback over recent years, in this year s survey we include a new option for respondents: the desire to free up time within the investment practice. This represents the most important driver, with 59% of respondents indicating that they use an external provider in seeking this outcome. Our primary drivers behind the decision to use external investment managers were for more resources and better bench strength. RIA with less than $50 million AUM What do advisors plan to do with this extra time? They want to: Spend more time with their clients (61%) Spend more time developing their business (53%) Provide a more personalized service for their clients (50%) Gaining access to investment strategies or vehicles they don t currently offer is another key driver. The investment strategies most in demand, according to our survey results, are: Alternatives (67%) Emerging or frontier markets (32%) Environmental, social and governance investing (18%) Factor investing (14%) Access to portfolio services is also an important consideration, and advisors seek: Portfolio construction expertise (76%) Access to investment managers (67%) Asset allocation (64%) Portfolio monitoring (57%) EXAMINING THE MOTIVATION BY FIRM TYPE AND SIZE Drivers vary across firm type: access to investment strategies is most critical in bank/trust, RIA and insurance broker/dealer firms, while freeing up time is most critical to hybrid RIAs, independent broker/dealers and regional broker/dealers. Financial Intermediary Themes 6

7 EXHIBIT 6: PRIMARY OUTSOURCING DRIVERS BY FIRM TYPE To free up time in my practice Alpha generation Access to investment strategies Access to investment vehicles Access to portfolio services Access to account management services RIA Independent broker/dealer Hybrid RIA Regional broker/dealer Bank/trust Insurance broker/dealer 51% 67% 81% 60% 50% 29% 31% 26% 11% 20% 50% 21% 54% 58% 63% 50% 60% 43% 25% 19% 19% 30% 40% 21% 15% 32% 26% 20% 20% 21% 25% 35% 30% 40% 40% 21% The drivers and activities for which advisors use an external provider also vary by firm size. While all firms cite freeing up time as an important driver, 83% of advisors with AUM between $76 million and $150 million cite the need for more available time. Advisors across nearly all AUM levels are fairly consistent when it comes to outsourcing all back-office operations (only 10% on average). The exception: Almost a quarter of advisors with between $351 million and $1 billion in AUM turn to a third party for all back-office operations. EXHIBIT 7: PRIMARY OUTSOURCING DRIVERS BY FIRM SIZE More than $3 billion $1 billion to $3 billion $351 million to $1 billion $151 million to $350 million 42% 34% 47% 24% 67% 17% 44% 50% 55% 50% 59% 32% 42% 16% 63% 11% $76 million to $150 million 83% 22% 57% 17% Less than $75 million 65% 23% 59% 22% To free up time in my practice Alpha generation Access to investment strategies Access to investment vehicles Financial Intermediary Themes 7

8 THE SCOPE OF EXTERNAL INVESTMENT MANAGEMENT Since the start of our research in 2010, we have tracked the activities and types of accounts advisors have been outsourcing. This year we also look at the portfolio strategies and active/passive strategies accessed through third-party providers. WHAT ACTIVITIES ARE ADVISORS MOVING TO EXTERNAL PROVIDERS? We see a substantial decline in the number of advisors reporting that they outsource all of their activities to just 17%, from 50% in However, as advisors become more comfortable using external managers, they appear to be getting more strategic about how they use them. The majority of outsourcing respondents report outsourcing portfolio management (56%). This is a new survey option in Slightly more than one in four respondents is outsourcing investment manager research (28%). Advisors are far less likely to move non-investment activities, such as backoffice operations (10%), compliance/legal (18%) and due diligence (17%). EXHIBIT 8: EXTERNALLY MANAGED INVESTMENT MANAGEMENT ACTIVITIES Portfolio management* Due diligence/monitoring Compliance/legal Product selection Investment manager research Specific asset classes All investment management activities 0% 10% 20% 30% 40% 50% 60% * New option in 2016 Financial Intermediary Themes 8

9 The level and types of activities advisors outsource are heavily influenced by the type of firm. For example, 19% of independent broker/dealers outsource all activity compared to just 5% of hybrid RIAs; and 85% of hybrid RIAs outsource portfolio management compared to 52% of independent broker/dealers. While the percentage of advisors outsourcing overall (41%) has remained relatively consistent over the years, the proportion of assets they re outsourcing has risen. In 2016, 41% of advisors report outsourcing between 75% and 100% of client AUM, compared to 36% in 2014 and 37% in As in 2014, 48% of advisors report outsourcing 50% or more of client assets. EXHIBIT 9: PERCENTAGE OF CLIENT ASSETS MANAGED EXTERNALLY 24% 41% Less than 10% 11% to 24% 25% to 50% 51% to 74% 75% to 100% 7% 17% 10% Note: Total does not add up to 100% due to rounding. SOURCE: Source: External Investment Management: Advisor Attitudes and and Adoption, Northern Trust, 2016 CLIENT ACCOUNTS MANAGED EXTERNALLY Which client accounts are advisors choosing to outsource? One third of advisors say they outsource all client accounts. Beyond that, advisors are roughly twice as likely to outsource large accounts as they are small ones, and they are more than three times as likely to outsource new accounts as existing. Looking at asset classes, external managers are used for alternative investments most often, but that usage reflected a decline from the 41% reported in Only 9% of advisors are using external managers for ESG/ SRI strategies, a new option in this year s survey. However, 18% of advisors note that ESG is a driver in their decision to use an external manager. Financial Intermediary Themes 9

10 EXHIBIT 10: TYPES OF ACCOUNTS OUTSOURCED BY SIZE, COMPLEXITY Larger accounts Smaller accounts New accounts Legacy accounts Complex accounts Less complex accounts Based on tax considerations 21% USE EXTERNAL MANAGERS FOR COMPLEX ACCOUNTS, UP FROM 15% IN % 10% 20% 30% 40% 50% EXHIBIT 11: TYPES OF ACCOUNTS OUTSOURCED BY STRATEGY Equity strategies Income strategies Factor-based strategies Alternative strategies Global/emerging strategies ESG/SRI strategies 24% USE EXTERNAL MANAGERS FOR ALTERNATIVE STRATEGIES, DOWN FROM 41% IN % 10% 20% 30% 40% 50% Note: Factor-based and ESG strategies were new options in 2016 PORTFOLIO STRATEGIES MANAGED EXTERNALLY New to the survey this year, we seek to understand the portfolio strategies being managed externally and the use of active versus passive strategies. For the most part, advisors are using a combination of active and passive strategies (55%): Active only strategies represent 27% and passive only strategies represent 18%. Financial Intermediary Themes 10

11 EXHIBIT 12: USE OF ACTIVE AND PASSIVE STRATEGIES THROUGH EXTERNAL PROVIDERS 18% 55% Mostly passive Mostly active Passive and active combined 27% Our results show a broad range of portfolio strategies being used, with strategic portfolios more heavily emphasized. With regard to portfolio strategies, nearly half of respondents do not anticipate any major changes. EXHIBIT 13: STRATEGIES ACCESSED THROUGH EXTERNAL PROVIDERS Strategic allocation with a tactical overlay Strategic allocation only Dynamic allocation with a tactical overlay Dynamic allocation only Tactical allocation only Style box strategy Strategies currently accessed through external partner(s) Anticipated reliance in next two to five years on external partner(s) Rely on more Rely on less No change Don t know 68% 32% 4% 47% 17% 54% 17% 16% 48% 18% 53% 24% 5% 48% 24% 27% 11% 12% 50% 28% 39% 18% 8% 50% 24% 42% 11% 12% 53% 24% Financial Intermediary Themes 11

12 THE BENEFITS OF AN EXTERNAL INVESTMENT MANAGER Clearly a 96% satisfaction rate of outsourcing advisors suggests significant benefits. It also appears that once advisors begin to outsource, they don t turn back. We have seen the long-term use (more than 10 years) of external asset managers grow over the life of our surveys. In 2016 more than 60% of outsourcing advisors report using an external provider for more than five years. EXHIBIT 14: LONGEVITY OF EXTERNAL MANAGEMENT Less than 1 year 1 to 2 years 3 to 5 years 6 to 10 years More than 10 years 0% 10% 20% 30% 40% 50% We asked advisors who outsource to share what they see as the benefits of undertaking an outsourcing program. Although spending more time with clients is the primary benefit they cite (52%), advisors feel they gain in other areas as well. The second biggest benefit of using external investment management, according to our survey, is the consistency of investment management processes (48%). Close behind that, advisors appreciate a wider range of products (45%), institutional quality due diligence (37%), better investment results (34%) and more efficient growth (31%). EXHIBIT 15: TOP FIVE BENEFITS OF EXTERNAL INVESTMENT MANAGEMENT Better investment results Institutional quality due diligence/monitoring Wider range of products Consistent investment management process More time with clients 34% 37% 45% 48% 52% Financial Intermediary Themes 12

13 What do advisors say is the biggest impact on their business from their decision to use external asset management? When asked that question, 177 advisors indicated positive benefits, and only seven advisors cited a negative impact. The ability to spend more time on their business is the most positive outcome of using external investment managers for 40% of our respondents. The second-most cited benefit (23%) is favorable investment performance, and 15% note an improvement in client satisfaction EXHIBIT 16: MOST POSITIVE IMPACT ON FIRM FROM USING EXTERNAL ASSET MANAGEMENT 8% 6% 5% 3% 40% More time to focus on the business Favorable investment performance Greater client satisfaction Service/communication 15% Expense Other 23% Advisors report a decrease in the fees they pay for external management over time. In 2016, the number of advisors passing these savings along to clients jumped dramatically to 34% in 2016 from 9% in EXHIBIT 17: CHANGE IN FEES CHARGED TO CLIENTS OVER TIME No change in fees Fees have increased Fees have decreased 0% 10% 20% 30% 40% 50% 60% Financial Intermediary Themes 13

14 ADVISORS THAT DON T USE EXTERNAL INVESTMENT MANAGEMENT Over time the percentage of advisors choosing to keep the investment management function in-house has remained fairly stable at around 60% of respondents. Given the benefits cited by advisors choosing to outsource, we re interested to understand the motivations of those who choose not to use external help. We choose not to outsource investment management because we have not found a third party that can protect against the downside as well as we can. KEEPING INVESTMENT MANAGEMENT IN-HOUSE Why do so many advisors choose to keep this function in-house? Most often it is because investment management is part of the firm s value proposition. This year, 45% of advisors indicated this is the case. Independent broker/dealer with less than $50 million AUM EXHIBIT 18: TOP REASONS ADVISORS DON T OUTSOURCE INVESTMENT MANAGEMENT FUNCTIONS Our firm is itself advisory solutions provider Our client mix doesn't warrant it We want to retain maximum flexibility We cannot justify the expense We consider investment research part of our value proposition 0% 10% 20% 30% 40% 50% 60% WILL OPINIONS CHANGE? It is interesting to note that advisors who are not currently using third-party managers haven t entirely ruled out doing so in the future. While only a small number (8%) are currently considering outsourcing all or some of their investment management, 58% are not actively considering it, but have not ruled it out as a possibility. On the other hand, when asked about what might make them change their minds, 43% of the advisors who currently don t use external asset managers also state that their position on outsourcing will not change. Of those who Financial Intermediary Themes 14

15 indicate they might reconsider outsourcing, the primary influencer would be the cost of outsourced investment management solutions. THE COST OF SELF SUFFICIENCY Advisors who choose not to outsource any of their investment management activity report spending approximately 28 hours a week firm-wide on investment management activities. This includes a combination of manager research, portfolio construction, portfolio monitoring and working with technology. EXHIBIT 19: HOURS SPENT EACH WEEK (MEAN) ON INVESTMENT MANAGEMENT ACTIVITY BY FIRMS THAT DON T OUTSOURCE 43% ADVISORS OPINIONS WON T CHANGE 25% MIGHT CONSIDER MORE AFFORDABLE OPTIONS Working with technology Portfolio monitoring Portfolio construction Manager research WHERE HELP IS NEEDED Some advisors who choose not to seek third-party support for their investment management activities do feel they could benefit from extra help in other areas. The primary areas they highlight are marketing (35%), compliance (28%), social media training (27%) and back-office support (26%). EXHIBIT 20: TOP FIVE AREAS WHERE ADVISORS WOULD LIKE EXTERNAL SUPPORT 22% 26% 27% 28% 35% Reporting Social media training Compliance Marketing support Financial Intermediary Themes 15

16 ABOUT THE SURVEY Since 2010, Northern Trust has been conducting research to better understand how financial advisors are managing client investment portfolios. We seek to understand how, when and why some advisors choose external asset managers for the job, as well as the reasons that other advisors commit to keeping the investment management function in-house. The advisors that participated in the 2016 survey comprise a variety of channels and firm sizes. Within our universe of advisors, 41% report using external providers for their investment management functions while 59% manage investment functions in-house. This breakdown is consistent with past surveys. Of those that outsource, 61% have been outsourcing for more than five years and 37% have outsourced longer than 10 years. The outsourcing providers most frequently being used are turnkey asset managers (52%) followed by registered investment advisors (41%), ETF strategists (29%) and robo-advisors (7%). This is the fourth edition in our series examining advisor views on external investment management. To conduct this year s survey, Northern Trust worked with InvestmentNews, which fielded the electronic survey to more than 170,000 advisors across the United States. During the three weeks in May and June that the survey was open, nearly 680 advisors responded, and 550 fully completed the questionnaire. Northern Trust was not identified in the survey. EXHIBIT 21: 2016 SURVEY PARTICIPANTS BY FIRM TYPE 5% 7% 5% 36% 4% Registered investment advisory firm (RIA) Independent broker/dealer Hybrid RIA (doing business through an RIA, as well as through a broker/dealer) Regional broker/dealer Bank/trust Insurance broker/dealer Other financial advisory firm 11% 32% Financial Intermediary Themes 16

17 EXHIBIT 22: 2016 SURVEY PARTICIPANTS BY FIRM AUM More than $3 billion 15% $1 billion to $3 billion 9% $351 million to $1 billion $151 million to $350 million $76 million to $150 million 11% 13% 13% Less than $75 million 39% Respondents to the survey represent a range of AUM sizes with around one-third being under $50 million, one-third between $50 million and $350 million and the remaining third over $351 million. EXHIBIT 23: BREAKDOWN OF RESPONDENTS BY FIRM SERVICE MODEL Investment management firm Financial planning firm Investment advisory firm 16% 19% 21% Wealth management firm 40% The largest proportion of respondents were wealth management firms those that consider their primary focus to be serving as holistic advisers to their clients on tax, estate and personal financial planning in addition to the investment advisory services. Financial Intermediary Themes 17

18 EXHIBIT 24: 2016 SURVEY PARTICIPANTS BY COMPENSATION TYPE 10% 4% 2% 46% Asset-based fee Combination (commission/ asset-based fee) Commission Flat planning fee Hourly fee 38% Most respondents use an asset-based fee approach to compensation, but a large proportion also use a combined approach with commission and asset-based fees. Financial Intermediary Themes 18

19 PUTTING THE RESEARCH TO USE FOR YOUR FIRM Whether you are currently using external investment management or are committed to keeping the investment management function in-house, we would like to discuss how this research can help you benchmark your practice to your peers and the advisory space overall. The trends highlighted in this research can help you identify ways to scale your business while maintaining control of the investment management function. Visit and register to receive more on this topic and to view our historical research. Northern Trust is committed to serving financial intermediaries. Our ongoing research of advisor attitudes and their adoption of external managers is just one of many practice management programs we offer to the intermediaries we serve. To learn more, contact us today at Financial Intermediary Themes 19

20 northerntrust.com/outsourcing Northern Trust 2016 This material is directed to eligible counterparties and professional clients only and should not be relied upon by retail investors. The information in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Opinions expressed are current as of the date appearing in this material only and are subject to change without notice. This report is provided for informational purposes only and is not intended to be and should not be construed as an offer, solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice or tax advice. Clients should under no circumstances rely upon this information as a substitute for obtaining specific legal or tax advice from their own professional legal or tax advisors. Indices and trademarks are the property of their respective owners. All rights reserved. Northern Trust Asset Management comprises Northern Trust Investments, Inc. Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K, NT Global Advisors Inc., 50 South Capital Advisors, LLC and personnel of The Northern Trust Company of Hong Kong Limited and the Northern Trust Company to offer investment products and services to personal and institutional markets. IMPORTANT INFORMATION. This material is provided for informational purposes only. Information is not intended to be and should not be construed as an offer solicitation or recommendation with respect to any transaction and should not be treated as legal advice, investment advice, fiduciary advice or tax advice. Q59402 (9/16) Financial Intermediary Themes NTFI WPR ADVOUT (9/16) 20

TAMPS Simplified. Getting started with Turnkey Asset Management Programs to grow your advisory firm.

TAMPS Simplified. Getting started with Turnkey Asset Management Programs to grow your advisory firm. TAMPS Simplified. Getting started with Turnkey Asset Management Programs to grow your advisory firm. Introduction As trust companies, broker-dealers, registered investment advisor firm and family offices

More information

Executive Summary Definition of the Term Fiduciary U.S. Department of Labor Conflict of Interest Rule 1. April 15, 2016

Executive Summary Definition of the Term Fiduciary U.S. Department of Labor Conflict of Interest Rule 1. April 15, 2016 Executive Summary Definition of the Term Fiduciary U.S. Department of Labor Conflict of Interest Rule 1 April 15, 2016 I. Introduction. Background. The U.S. Department of Labor (the Department or DOL )

More information

Smart beta: 2015 survey findings from U.S. financial advisors

Smart beta: 2015 survey findings from U.S. financial advisors Smart beta: 2015 survey findings from U.S. financial advisors ftserussell.com Contents 1 Introduction 2 Summary of key themes 3 Survey background 5 Section 1: Defining smart beta, and what is classified

More information

Key Points IBDs, RIAs and Advisors Need to Know

Key Points IBDs, RIAs and Advisors Need to Know Review of the Department of Labor s (DOL) Final Definition of Fiduciary Key Points IBDs, RIAs and Advisors Need to Know Contents Three Key Points... 1 The Basic Framework of the Final Rule... 3 DOL s Final

More information

Full Outsourcing Is Not for Everyone

Full Outsourcing Is Not for Everyone Full Outsourcing Is Not for Everyone Outsourcing Asset Management Capability: The Firms That Opt Not To And Why June 2010 CONTENTS Executive Summary 2 Why Firms Aren t Outsourcing/Partnering 4 Investment

More information

A NEW FIDUCIARY RULE FOR THE INVESTMENT ADVICE PLAYBOOK

A NEW FIDUCIARY RULE FOR THE INVESTMENT ADVICE PLAYBOOK PlanAdvisorTools.com A NEW FIDUCIARY RULE FOR THE INVESTMENT ADVICE PLAYBOOK How the DOL s Fiduciary Rule Has Fundamentally Changed Investment Advice for IRAs By Fred Reish - Partner, Drinker Biddle &

More information

Implications of Complacency

Implications of Complacency Implications of Complacency Practice Management Rico Casares VP, Practice Management Consultant For Broker-Dealer / Advisor use only. Not to be reproduced or shown to the public. Agenda Key research findings

More information

Pinnacle Small Advisor Symposium: Challenges and Issues Facing Emerging RIAs

Pinnacle Small Advisor Symposium: Challenges and Issues Facing Emerging RIAs Pinnacle Small Advisor Symposium: Challenges and Issues Facing Emerging RIAs Hazel Durand Senior Vice President, Fidelity Investments FOR INVESTMENT PROFESSIONAL USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC

More information

Advisors Turn to ETF Managers. Growing Assets and Increasing Client Value

Advisors Turn to ETF Managers. Growing Assets and Increasing Client Value Advisors Turn to ETF Managers Growing Assets and Increasing Client Value Advisor partnerships with ETF managers are on the rise ishares has tracked an increased number of advisors partnering with ETF managers.

More information

Quick Poll: Technology Vital to Addressing Wealth Managers Concerns

Quick Poll: Technology Vital to Addressing Wealth Managers Concerns OpenWealth Quick Poll: Technology Vital to Addressing Wealth Managers Concerns Transaction Services Quick Poll: Technology Vital to Addressing Wealth Managers Concerns 3 Quick Poll: Technology Vital to

More information

Investment outsourcing means insourcing best practices.

Investment outsourcing means insourcing best practices. Investment outsourcing means insourcing best practices. Non-profit organizations Joseph Gelly, Jr., Managing Director & Head of Institutional Canada Heather Myers, Managing Director, Non-Profits Adam Hornung,

More information

A simple solution to Grow your practice

A simple solution to Grow your practice A simple solution to Grow your practice Grow your Sales, get your series 65 license (Becoming an Investment Advisor Representative (IAR)) Utilizing Fusion To Gather More Assets FOR FINANCIAL PROFESSIONAL

More information

Benefits Administration: Should You Outsource or Manage In-House? As companies consider options, Health Care Reform may impact decisions

Benefits Administration: Should You Outsource or Manage In-House? As companies consider options, Health Care Reform may impact decisions Benefits Administration: Should You Outsource or Manage In-House? As companies consider options, Health Care Reform may impact decisions Contents Introduction 3 Findings 5 Which Areas of Benefits Administration

More information

The Future of Practice Management. Member Briefing December 2013

The Future of Practice Management. Member Briefing December 2013 The Future of Practice Management Member Briefing December 2013 Overview While financial advisers assist clients in planning for their eventual transition out of the working world and into retirement,

More information

Define Your Independence: Building Your Future

Define Your Independence: Building Your Future Define Your Independence: Building Your Future Define Your Independence: Building Your Future It used to be that going independent meant going out on your own. Alone. That s not the case anymore. There

More information

Cerulli Advisor Survey Results

Cerulli Advisor Survey Results Cerulli Advisor Survey Results WWW.RISYMPOSIUM.COM Presented by: Topics Large-Scale Advisory Trends Changing Advice Dynamics Product Changes Asset Marketshare by Channel, 2010-2012E Channel 2010 2011E

More information

Why Advisors Will Benefit and Add Value Using a 3(38) Investment Fiduciary

Why Advisors Will Benefit and Add Value Using a 3(38) Investment Fiduciary Why Advisors Will Benefit and Add Value Using a 3(38) Investment Fiduciary Defining the roles between a 3(38) Investment Fiduciary and a Plan Advisor offering non fiduciary services. Protecting both the

More information

October 2015. The human touch: The role of financial advisors in a changing advice landscape

October 2015. The human touch: The role of financial advisors in a changing advice landscape October 2015 The human touch: The role of financial advisors in a changing advice landscape Table of contents Executive summary 1 Introduction 3 Survey methodology 4 Key findings 5 Interest in working

More information

Investment Management Outsourcing: Impact on Clients. February 2014

Investment Management Outsourcing: Impact on Clients. February 2014 Investment Management Outsourcing: Impact on Clients February 2014 Contents Executive Summary...1 About the Survey... 1 Summary of the Findings... 2 Introducing the Idea to Clients...3 Are There Consequences?....

More information

Small Business. Optimism Report

Small Business. Optimism Report Small Business Optimism Report Table of Contents Introduction 3 Survey Results 4 Economic Improvements: Perception vs. Reality 4 Top Concerns: Looking Back, Looking Ahead 5 Workforce Growth: Staying the

More information

How to Grow? We analyzed the top decile advisors versus the overall advisor peer universe on their ability to outperform in five key growth areas:

How to Grow? We analyzed the top decile advisors versus the overall advisor peer universe on their ability to outperform in five key growth areas: July 2015 In May, Envestnet launched an initiative called ENVESTAT to provide an industry analytics platform delivering insights, trends, and predictions about investor behavior and advisory practices.

More information

A Big Opportunity: Microsoft Advisor Platform & Salentica

A Big Opportunity: Microsoft Advisor Platform & Salentica A Big Opportunity: Microsoft Advisor Platform & Salentica Driving Microsoft product stack to help wealth management firms meet today s challenges Prepared by: Bill Rourke, Salentica Brad Prodger, Microsoft

More information

Your RIA or the Broker-dealer s Corporate RIA?

Your RIA or the Broker-dealer s Corporate RIA? Your RIA or the Broker-dealer s Corporate RIA? Amy Webber President and COO Cambridge Investment Research, Inc. Your RIA or the Broker-dealer s Corporate RIA? One of the biggest changes that has been

More information

Bank Advisors: Strategies to Help Prepare for the Coming Investor Opportunities

Bank Advisors: Strategies to Help Prepare for the Coming Investor Opportunities Bank Advisors: Strategies to Help Prepare for the Coming Investor Opportunities Financial advisors face a range of opportunities as a result of factors like changing investor demographics and preferences,

More information

The Hidden Cost of Poor Advice: A Review of Investment Decision-Making and Governance in Local Government Pension Schemes ( LGPS ) Part 1

The Hidden Cost of Poor Advice: A Review of Investment Decision-Making and Governance in Local Government Pension Schemes ( LGPS ) Part 1 The Hidden Cost of Poor Advice: A Review of Investment Decision-Making and Governance in Local Government Pension Schemes ( LGPS ) Part 1 Universe and Data 99 Local Government Pension Schemes in England,

More information

National Association of Government Defined Contribution Administrators, Inc. Plan Governance

National Association of Government Defined Contribution Administrators, Inc. Plan Governance Plan Governance 1 TABLE OF CONTENTS OVERVIEW... 1 PLAN Governance... 1 Oversight Options... 2 Fiduciary Responsibility... 3 Plan Documents... 4 Recommended Optional Documents: Bylaws, Policy Manuals, Investment

More information

It s a BIG opportunity.

It s a BIG opportunity. IRA Rollover Dynamics 2008 Market Sizing, Benchmarks, & Best Practices It s a BIG opportunity. How will you compete for IRA Rollovers? IRA Rollover Dynamics 2008 explores best practices and approaches

More information

Financial Professional Outlook

Financial Professional Outlook Financial Professional Outlook THE QUEST FOR A SUSTAINABLE ADVISORY BUSINESS: How advisors are adapting their businesses to address regulatory, industry and competitive pressures in 2016. Q1 2016 TRACKING

More information

2015 Registered Investment Advisor Study. by Scottrade Advisor Services

2015 Registered Investment Advisor Study. by Scottrade Advisor Services 2015 Registered Investment Advisor Study by Scottrade Advisor Services Scottrade Advisor Services commissioned a study of independent registered investment advisors (RIAs) to examine attitudes and behaviors

More information

NEW DOL FIDUCIARY GUIDANCE

NEW DOL FIDUCIARY GUIDANCE NEW DOL FIDUCIARY GUIDANCE TOP 10 PRACTICAL ACTION ITEMS FOR EMPLOYERS AND 401(K) INVESTMENT COMMITTEES ADAM B. CANTOR, ESQ. CHIESA SHAHINIAN & GIANTOMASI PC ONE BOLAND DRIVE, WEST ORANGE, NJ 07052 ACANTOR@CSGLAW.COM

More information

Finding the Right Investment Advisor: Key Questions Pilots Need to Ask Now

Finding the Right Investment Advisor: Key Questions Pilots Need to Ask Now Finding the Right Investment Advisor: Key Questions Pilots Need to Ask Now At Cleary Gull, we think the best way to find the right investment advisor is to focus on the four Ps: people, philosophy, process

More information

Factors influencing whether, why and what to outsource include the following:

Factors influencing whether, why and what to outsource include the following: INSTITUTIONAL INVESTMENT & FIDUCIARY SERVICES: Investment Basics: Outsourcing Investment Services By Samuel W. Halpern, Area Executive Vice President (Ret.) Whether, Why and What to Outsource From the

More information

Trends in Target-Date Funds. A 2014 Survey of Defined Contribution Plan Sponsors Sponsored by Janus and PLANSPONSOR Magazine

Trends in Target-Date Funds. A 2014 Survey of Defined Contribution Plan Sponsors Sponsored by Janus and PLANSPONSOR Magazine Trends in Target-Date Funds A 2014 Survey of Defined Contribution Plan Sponsors Sponsored by Janus and PLANSPONSOR Magazine Survey Overview & Methodology PLANSPONSOR Magazine conducts an annual survey

More information

APPRECIATING THE TRUE VALUE OF FINANCIAL ADVICE

APPRECIATING THE TRUE VALUE OF FINANCIAL ADVICE APPRECIATING THE TRUE VALUE OF FINANCIAL ADVICE Every day we rely on professionals with the experience and knowledge to accomplish tasks we re less qualified for or too busy to do. Think of the barista

More information

NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com

NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com NorthCoast Investment Advisory Team 203.532.7000 info@northcoastam.com NORTHCOAST ASSET MANAGEMENT An established leader in the field of tactical investment management, specializing in quantitative research

More information

Structured Products. Designing a modern portfolio

Structured Products. Designing a modern portfolio ab Structured Products Designing a modern portfolio Achieving your personal goals is the driving motivation for how and why you invest. Whether your goal is to grow and preserve wealth, save for your children

More information

Portfolio Management Consultants Perfecting the Portfolio

Portfolio Management Consultants Perfecting the Portfolio Portfolio Management Consultants Perfecting the Portfolio Envestnet PMC is the ultimate advisor to the advisor. Our goal is to help advisors strengthen relationships with their clients and improve outcomes

More information

INVESTORS ATTITUDES TOWARDS ROBO- ADVISORS

INVESTORS ATTITUDES TOWARDS ROBO- ADVISORS INVESTORS ATTITUDES TOWARDS ROBO- ADVISORS EVIDENCE FROM THE US AND THE UK Data - Analysis Implications and Learnings May 2016 Report Extract Original Report with 48 pages Plus full set of US and UK survey

More information

line of The Path Forward The Ideal DC Plan May Be Closer Than You Think

line of The Path Forward The Ideal DC Plan May Be Closer Than You Think line of Sight The Path The Ideal DC Plan May Be Closer Than You Think The ideal DC plan may be closer than you think We hope you enjoy the latest presentation from Northern Trust s Line of Sight. By providing

More information

The Use of Pooled Investment Vehicles for Ultra High Net Worth Investors. By Mark W. Castelin Director, Senior Investment Advisor

The Use of Pooled Investment Vehicles for Ultra High Net Worth Investors. By Mark W. Castelin Director, Senior Investment Advisor The Use of Pooled Investment Vehicles for Ultra High Net Worth Investors By Mark W. Castelin Director, Senior Investment Advisor A major challenge for a large segment of today s Ultra High Net Worth (UHNW)

More information

Navigating the Target Date Fund Evaluation Process

Navigating the Target Date Fund Evaluation Process Navigating the Target Date Fund Evaluation Process A Primer for Retirement Plan Sponsors Benjamin J. Smith, CFA Principal, Chief Investment Officer Contents Introduction. Understanding the Core Attributes

More information

Part 2A Appendix 1 of Form ADV Wrap Fee Program Brochure

Part 2A Appendix 1 of Form ADV Wrap Fee Program Brochure Part 2A Appendix 1 of Form ADV Wrap Fee Program Brochure D.A. Davidson & Co. 8 Third Street North Great Falls, MT 59401 406 727 4200 www.dadavidson.com May 16, 2016 This wrap fee program brochure provides

More information

THE BOUTIQUE ADVANTAGE. INVESTMENTs

THE BOUTIQUE ADVANTAGE. INVESTMENTs THE BOUTIQUE ADVANTAGE INVESTMENT Managers Managing INVESTMENTs Collective Strength Robust Infrastructure Support Institutional Resources Tenure Accountability Each boutique has its own investment philosophy,

More information

Recognition of Funds (MRF) A new era for asset management in China and Hong Kong

Recognition of Funds (MRF) A new era for asset management in China and Hong Kong www.pwchk.com Mainland and Hong Kong Mutual Recognition of Funds (MRF) A new era for asset management in China and Hong Kong Getting ready to access the China and Hong Kong asset management markets Foreword

More information

Will 2014 Bring an End to Central Bank Intervention?

Will 2014 Bring an End to Central Bank Intervention? Will 2014 Bring an End to Central Bank Intervention? December 17, 2013 by Chris Maxey, Ryan Davis of Fortigent Please note the Economic and Market Update will be on hiatus until January 5, 2014. Stocks

More information

CHALLENGES FOR WEALTH MANAGEMENT FIRMS IN 2016: ARE YOU PREPARED?

CHALLENGES FOR WEALTH MANAGEMENT FIRMS IN 2016: ARE YOU PREPARED? HEALTH WEALTH CAREER CHALLENGES FOR WEALTH MANAGEMENT FIRMS IN 2016: ARE YOU PREPARED? David A. Hyman, CFA US Wealth Management Segment Leader Michael Curtin Senior Investment Consultant, Wealth Management,

More information

Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation

Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation Solutions Platform & Due Diligence Executing from the foundation of strategic asset allocation We emphasize a thorough, disciplined process designed to identify and monitor what we believe to be the best

More information

The UBS Core-Satellite investment approach Build wealth for the long term and make the most of your own investment ideas

The UBS Core-Satellite investment approach Build wealth for the long term and make the most of your own investment ideas The UBS Core-Satellite investment approach Build wealth for the long term and make the most of your own investment ideas StabiIity, opportunity and flexibility build the foundation for optimal results

More information

Financial Advisor Interview Questionnaire

Financial Advisor Interview Questionnaire Financial Advisor Interview Questionnaire Advisor name: Company Name: Cyril S. White White House Financial & Investment Solutions, LLC Date: January 16, 2012 Why did you become a financial planner? I became

More information

Compensation Reports: Eight Standards Every Nonprofit Should Know Before Selecting A Survey

Compensation Reports: Eight Standards Every Nonprofit Should Know Before Selecting A Survey The Tools You Need. The Experience You Can Trust. WHITE PAPER Compensation Reports: Eight Standards Every Nonprofit Should Know Before Selecting A Survey In today s tough economic climate, nonprofit organizations

More information

Under the Radar: the value of hedged equity in a diversified portfolio

Under the Radar: the value of hedged equity in a diversified portfolio Under the Radar: the value of hedged equity in a diversified portfolio By Emmett Maguire III, CFA Lake Street Advisors, LLC Investment Analyst As hedged equity strategies have underperformed their long

More information

PATPATIA & ASSOCIATES, INC. Driving Competitive Advantage in Complying with the U.S. Department of Labor s Fiduciary Standards

PATPATIA & ASSOCIATES, INC. Driving Competitive Advantage in Complying with the U.S. Department of Labor s Fiduciary Standards PATPATIA & ASSOCIATES, INC. Driving Competitive Advantage in Complying with the U.S. Department of Labor s Fiduciary Standards Table of contents Executive Summary...1 The Fiduciary Rule What Is It and

More information

SecuritiesAdviser. What the uniform fiduciary standard means for broker-dealers

SecuritiesAdviser. What the uniform fiduciary standard means for broker-dealers SecuritiesAdviser News and analysis for the securities and commodities industry October 2013 What the uniform fiduciary standard means for broker-dealers Under the Dodd-Frank Wall Street Reform and Consumer

More information

Attracting pension plan assets What alternative investment managers need to know

Attracting pension plan assets What alternative investment managers need to know www.pwc.com/us/assetmanagement Attracting pension plan assets What alternative investment managers need to know February 2012 At a glance Retirement plan sponsors are continuing to give alternative investments,

More information

Active vs. Passive Money Management

Active vs. Passive Money Management Active vs. Passive Money Management Exploring the costs and benefits of two alternative investment approaches By Baird s Asset Manager Research Synopsis Proponents of active and passive investment management

More information

Results of MSCI 2015 Market Classification Review

Results of MSCI 2015 Market Classification Review Results of MSCI 2015 Market Classification Review China A Shares on Track for Inclusion MSCI and CSRC Will Form Working Group to Address Remaining Issues Geneva June 9, 2015 MSCI Inc. (NYSE: MSCI), the

More information

Participant Preferences in Target Date Funds: Fresh Insights

Participant Preferences in Target Date Funds: Fresh Insights Participant Preferences in Target Date Funds: Fresh Insights Findings, Insights and Opportunities White Paper January 216 Research by Voya Investment Management Not FDIC Insured May Lose Value No Bank

More information

The New Frontier of Managed Accounts A Fund Strategist Portfolios Primer

The New Frontier of Managed Accounts A Fund Strategist Portfolios Primer The New Frontier of Managed Accounts A Fund Strategist Portfolios Primer Author: Brooks Friederich, Senior Investment Analyst, Envestnet PMC FOR HOME OFFICE AND ADVISOR USE ONLY-NOT FOR USE WITH THE INVESTING

More information

Custom Target Date Options: A Higher Hurdle

Custom Target Date Options: A Higher Hurdle INSIGHTS Custom Target Date Options: A Higher Hurdle April 2015 203.621.1700 2015, Rocaton Investment Advisors, LLC Given the high utilization of target date options in defined contribution plans, target

More information

Including Retirement Plans in Your Business Model

Including Retirement Plans in Your Business Model Including Retirement Plans in Your Business Model Including Retirement Plans in Your Business Model By: Dan Sullivan, Senior Vice President, Marketing Colleen Bell, Assistant Vice President, Corporate

More information

Tips for Avoiding Bad Financial Advice

Tips for Avoiding Bad Financial Advice Tips for Avoiding Bad Financial Advice This guide is a free public service from Paladin Registry. It contains information that will increase your awareness about issues that concern advisors and help you

More information

A wealth management firm centered on our clients individual needs.

A wealth management firm centered on our clients individual needs. A wealth management firm centered on our clients individual needs. Why Eagle Strategies and why an Eagle Strategies Advisor? Our tools may be similar, but our attitude is different. Eagle Strategies was

More information

Achmea Investment Management. 26 May 2016 Jacob de Wit Leiden

Achmea Investment Management. 26 May 2016 Jacob de Wit Leiden Achmea Investment Management 26 May 2016 Jacob de Wit Leiden Key messages Strategic choice of Achmea for Retirement Services with Achmea IM as Asset Manager Centralisation of asset management activities

More information

AN OPEN ARCHITECTURE MULTIPLE EMPLOYER PLAN. Retirement Plan Solution. Powered By

AN OPEN ARCHITECTURE MULTIPLE EMPLOYER PLAN. Retirement Plan Solution. Powered By A Risk Reduction Retirement Plan Solution - Fewer Fees, More Services, Professional Money Managers, and Fiduciary Protection AN OPEN ARCHITECTURE MULTIPLE EMPLOYER PLAN Retirement Plan Solution Powered

More information

Best Practices for Investment Committee Members

Best Practices for Investment Committee Members Best Practices for Investment Committee Members Brightscape Erisamyliability.com Eric Weiss, CFP, AIF This paper identifies best practices for 401(k) investment committee members in order to reduce potential

More information

IPS RIA, LLC CRD No. 172840

IPS RIA, LLC CRD No. 172840 IPS RIA, LLC CRD No. 172840 ADVISORY CLIENT BROCHURE 10000 N. Central Expressway Suite 1100 Dallas, Texas 75231 O: 214.443.2400 F: 214-443.2424 FORM ADV PART 2A BROCHURE 1/26/2015 This brochure provides

More information

Qcommission Sample Plans Industry Investment Management

Qcommission Sample Plans Industry Investment Management Qcommission Sample Plans Industry Investment Management Introduction The Investment Management industry is primarily involved in the management of investment accounts for its clients. The Investment Management

More information

For Optimal Sales Force Performance, Pay Is Not Enough

For Optimal Sales Force Performance, Pay Is Not Enough For Optimal Sales Force Performance, Pay Is Not Enough Three must-have elements for optimal sales performance How to develop sustainable engagement of sales professionals How sales managers make a significant

More information

Evolution of GTAA Investment Styles. In This Issue: June 2012

Evolution of GTAA Investment Styles. In This Issue: June 2012 June 2012 ALPHA GROUP TOPIC The Alpha Group researches investment managers. In This Issue: n Evolution of GTAA Investment Styles n Risk-Parity vs. GTAA Managers n Implementation n Investing in a GTAA Strategy

More information

Target-Date Funds: It s Time to Take a Closer Look

Target-Date Funds: It s Time to Take a Closer Look Target-Date Funds: It s Time to Take a Closer Look Executive summary Over the past few years, retirement plans have seen significant changes in their investment structures, as well as the level of fiduciary

More information

July 20, 2015. Submitted Electronically e-ori@dol.gov and e-oed@dol.gov

July 20, 2015. Submitted Electronically e-ori@dol.gov and e-oed@dol.gov July 20, 2015 Submitted Electronically e-ori@dol.gov and e-oed@dol.gov Office of Regulations and Interpretations Office of Exemption Determinations Employee Benefits Security Administration U.S. Department

More information

Philip Becker, CFA Senior Consultant (612) 216-6336, PhilB@JSlocum.com NORTH CAROLINA TOTAL RETIREMENT PLANS JANUARY 2015

Philip Becker, CFA Senior Consultant (612) 216-6336, PhilB@JSlocum.com NORTH CAROLINA TOTAL RETIREMENT PLANS JANUARY 2015 Philip Becker, CFA Senior Consultant (612) 216-6336, PhilB@JSlocum.com NORTH CAROLINA TOTAL RETIREMENT PLANS JANUARY 2015 CONTENTS Investment Service Model Approaches & Trends Traditional Investment Consulting

More information

The Re-emergence of Collective Investment Trust Funds

The Re-emergence of Collective Investment Trust Funds The Re-emergence of Collective Investment Trust Funds A White Paper by Manning & Napier www.manning-napier.com Unless otherwise noted, all figures are based in USD. 1 Introduction As the retirement plan

More information

Investment Services. Wealth and Investment Management

Investment Services. Wealth and Investment Management Investment Services Wealth and Investment Management Contents Important information 3 A better vantage point for a clearer picture 5 Investment Philosophy 7 Investment Services 9 Advisory Services 10 Discretionary

More information

How investors benefit from active management

How investors benefit from active management How investors benefit from active management The benefits of active management CI Investments believes that active investment management adds significant value and benefits to investors. Active management

More information

Invesco SEP Plan Employee guide

Invesco SEP Plan Employee guide Invesco SEP Plan Employee guide How many years will you spend in retirement? And how much savings will you need to be able to live comfortably? According to Bankrate.com report, 36% of Americans have no

More information

Investment Platform Options that Can Lead to Better Retirement Outcomes

Investment Platform Options that Can Lead to Better Retirement Outcomes Retirement Services Investment Platform Options that Can Lead to Better Retirement Outcomes For Plan SPonSor USe only not For DiStribUtion to the PUblic. Introduction Investment Platform Options that Can

More information

LEADING FOR THE FUTURE Meeting New Challenges in Wealth Management

LEADING FOR THE FUTURE Meeting New Challenges in Wealth Management UBS Asset Gathering Conference March 21, 2011 LEADING FOR THE FUTURE Meeting New Challenges in Wealth Management Tom Bradley, President TD Ameritrade Institutional This material is designed for an investment

More information

Good [morning, afternoon, evening]. I m [name] with [firm]. Today, we will talk about alternative investments.

Good [morning, afternoon, evening]. I m [name] with [firm]. Today, we will talk about alternative investments. Good [morning, afternoon, evening]. I m [name] with [firm]. Today, we will talk about alternative investments. Historic economist Benjamin Graham famously said, The essence of investment management is

More information

CLS ADVISOR IQ SERIES

CLS ADVISOR IQ SERIES CLS ADVISOR IQ SERIES MAKING THE SWITCH: THE BENEFITS OF MOVING TO A FEE-BASED MODEL How to make the transition from a commission-based transactional approach By CLS Investments Table of Contents Introduction...1

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

5Strategic. decisions for a sound investment policy

5Strategic. decisions for a sound investment policy 5Strategic decisions for a sound investment policy 1 An investment policy sets your course for the long term. Managers of billion-dollar pension and endowment funds know it s nearly impossible to beat

More information

(a) Apply generally accepted investment theories that take into account the historic returns of different asset classes over defined periods of time;

(a) Apply generally accepted investment theories that take into account the historic returns of different asset classes over defined periods of time; Yes. Since 1998, Financial Engines has provided online advice to individuals in defined contribution plans, and since 2001, we have provided advice on all tax-deferred and taxable account types (including

More information

How to Evaluate An Investment Advisor

How to Evaluate An Investment Advisor Key Questions to Ask an Investment Advisor Specially Prepared for Continental Airlines Pilots Nearing Retirement You have built a substantial retirement nest egg over the years. Soon, you can relax and

More information

Mutual Fund Expenses and Fees

Mutual Fund Expenses and Fees CHAPTER FIVE Mutual Fund Expenses and Fees Mutual funds provide investors with many investment-related services, and for those services investors incur two primary types of expenses and fees: ongoing expenses

More information

A Message from RidgeWorth Investments

A Message from RidgeWorth Investments A Message from RidgeWorth Investments Your role as an advisor has never been more critical. You are the key to helping your plan sponsor clients build an investment lineup that balances their need to promote

More information

Workers Compensation Overview

Workers Compensation Overview Workers Compensation Overview November 2013 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which

More information

The Re-Emergence of Collective Investment Trust Funds

The Re-Emergence of Collective Investment Trust Funds Manning & Napier Advisors, LLC The Re-Emergence of Collective Investment Trust Funds June 2011 Manning & Napier Advisors, LLC provides investment advisory services to Exeter Trust Company ( ETC ), Trustee

More information

WHO IS HD VEST? SUPPORTING ADVISORS WHO SUPPORT YOU

WHO IS HD VEST? SUPPORTING ADVISORS WHO SUPPORT YOU WHO IS HD VEST? SUPPORTING ADVISORS WHO SUPPORT YOU HD VEST A QUIET BRAND WITH A BIG PRESENCE For the last 30 years of our firm s history, our sole purpose has been to support independent Advisors providing

More information

STARTING A FUND MUTUAL FUNDS FUNDS SOLD ON INSURANCE PLATFORMS EXCHANGE-TRADED FUNDS

STARTING A FUND MUTUAL FUNDS FUNDS SOLD ON INSURANCE PLATFORMS EXCHANGE-TRADED FUNDS STARTING A FUND MUTUAL FUNDS FUNDS SOLD ON INSURANCE PLATFORMS EXCHANGE-TRADED FUNDS P O O L E D I N V E S T M E N T S O L U T I O N S 6775-GFS-4/13/2016 TABLE OF CONTENTS MUTUAL FUNDS...................................................................................

More information

Models of Advisor Fiduciary Responsibility: What Advisors Need to Know

Models of Advisor Fiduciary Responsibility: What Advisors Need to Know Models of Advisor Fiduciary Responsibility: What Advisors Need to Know Ashish Shrestha Regional Director This information is provided for registered investment advisors and institutional investors and

More information

Control expenses and accelerate the growth of your advisory business with a leader in managed account solutions.

Control expenses and accelerate the growth of your advisory business with a leader in managed account solutions. F U N D Q U E S T S E R V I C E S O V E R V I E W A Strategic Outsourcing Partner Control expenses and accelerate the growth of your advisory business with a leader in managed account solutions. Investment

More information

The Insurance Challenge: Managing Complexity

The Insurance Challenge: Managing Complexity The Insurance Challenge: Managing Complexity To stay in the game requires more transparent operations For decades, insurance companies have become increasingly more complex as a result of acquisitions

More information

BPM 2015: Business Process Management Trends & Observations

BPM 2015: Business Process Management Trends & Observations BPM 2015: Business Process Management Trends & Observations 1 I BPM 2015: Business Process Management Trends & Observations BPM 2015: Business Process Management Trends & Observations Executive Summary

More information

Mergers and Acquisitions:

Mergers and Acquisitions: RIA Products + Services Mergers and Acquisitions: Top Trends and Best Practices for RIAs Advisors now have the tools to make key choices themselves, including investment choices, providing greater flexibility

More information

Financial Advisor Value Proposition Page 2. Financial Advisor Types Page 4. Investment and Financial Planning Careers Page 5

Financial Advisor Value Proposition Page 2. Financial Advisor Types Page 4. Investment and Financial Planning Careers Page 5 Index Financial Advisor Value Proposition Page 2 Financial Advisor Types Page 4 Investment and Financial Planning Careers Page 5 Selecting a Sound Financial Advisor Page 6 Common Advisor Concerns Financial

More information

How to Build a Scalable Foundation for Growing Your Advisory Practice

How to Build a Scalable Foundation for Growing Your Advisory Practice How to Build a Scalable Foundation for Growing Your Advisory Practice Table of Contents Growing Advisory Business A World Full of Opportunity 1 What Clients Want 1 How Financial Advisors Are Responding

More information

A guide to achieving growth and sustainability in your practice

A guide to achieving growth and sustainability in your practice PRACTICE MANAGEMENT 7 Key Practices to Help Grow Your Business A guide to achieving growth and sustainability in your practice Over the years, we ve partnered with advisors to help them build better businesses.

More information

The Retirement Savings Paradigm. Factors Influencing Saving

The Retirement Savings Paradigm. Factors Influencing Saving The Retirement Savings Paradigm Factors Influencing Saving Contents Executive Summary 2 Introduction 4 Why Study Retirement Savings 6 Data and Methodology 7 Key Findings 8 Conclusion 18 About ADP 19 Executive

More information

Investment outsourcing means insourcing pension management best practices

Investment outsourcing means insourcing pension management best practices Investment outsourcing means insourcing pension management best practices Joseph Gelly, Jr., Managing Director & Head of Institutional Canada Adam Hornung, CFA, Senior Consulting Analyst EXECUTIVE SUMMARY:

More information